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tv   Varney Company  FOX Business  January 24, 2018 9:00am-12:00pm EST

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>> thanks for joining us, everybody, we'll see you tomorrow. here's stuart and "varney & company." stuart: thank you very much, maria. almost every day this year, we've opened the show with this: stocks are going up again. and that's how we start today. stocks are going up today. good morning, everyone. it's not exactly a rip-roaring opening bell rally but the dow will be up triple digits, and we will take it. this is now the longest winning streak for stocks since 1959. the dow has gone up in 14 of the last 15 months. there are has been no significant pull back for stocks since donald trump was elected president. and the list of companies giving tax cut deals to employees keeps on growing. disney, bonuses. verizon, stock grants.
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jp morgan, more hiring. starbucks, better wages and benefits. the tax cut path through movement keeps on rolling. politics, oh, as contentious as ever. senator schumer changes course. now he says no wall. the president responds. no wall, no daca. mr. trump flies to europe tonight. what's he going to say to the assembled global elites snoop he's already being accused of starting a trade war on those washing machines and solar panels. and his treasury secretary says a weak dollar helps america. not supposed to say that if you're the treasury secretary, but he did. friday, the big speech president trump lays it out. america is open for business. it may be the most important economic policy speech of his presidency so far. and we are very glad that you are watching us. "varney & company" is about to begin. ♪ ♪
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. stuart: all right. i'm going to start with general electric. the stock is up only 1.7%. there was less money coming in. there was less profit. there were a couple of bright spots in the oil and gas business. but that's about it and the stock is only barely holding onto a small gain. liz peak is with us now. what's going on with this? the great general electric. >> well, i think the big story continues to be the whole reorganization of ge. the stock is down over 40%, and i think people are sort of saying, hey, at 16, maybe this is the moment to step in. i thought the fourth quarter numbers were terrible. the market was overlooking that. but it wasn't just earnings falling short. revenues were way below projected levels. the bright spot is my old turf. the oil and gas industry. baker hues investment. rig count has more than doubled in the past year and oil industry, people are extremely positive about the
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rise we've seen in oil prices. so i think that will be a positive going forward. but i don't think it's enough to say that ge is in a turn around mode. stuart: maybe a lot of people are looking for a bottom. they figured 16 bucks a share was the bottom. so if you jump in now, regardless of the progress report, you might get a couple of dollars rebound. >> absolutely and a completely strong economy and the market going up every day as you just recently pointed out, you know, it's a fair bet that there will be a bottom formed here at some point and maybe this is it. people are very positive on this management team, but they have to produce. ashley: what about a breakup later in the year? the rumors abound on that daily. stuart: yeah. ashley: what does that do? . stuart: you know, we were up 5% on ge about 15 minutes ago. now we're up 2%. liz: stock's trading below its breakup value. stuart: enough about ge. moving on. let's get to politics. why not. senate minority leader chuck schumer now says "no" on the wall. roll tape. >> president trump's inability to negotiate with congress is what caused the three-day
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government shut down from which we've just emerged. it's causing the fact that we're not making more progress on these issues. we're going to have to start on a new basis and the wall offers off the table. . stuart: all right. the wall offer's off the table. now the response from president trump. crying chuck schumer fully understands, especially after his humiliating defeat. that if there is no wall, there is no daca. we must have safety and security together with a strong military for our great people. come on in, rnc spokesperson caylee. the president is playing hardball, isn't he? >> yes. because he can play hardball now because chuck schumer after the shut down is in the weakest negotiating position he could possibly be in, stuart. think about this. he cannot shut down the government. that was a huge loss. everyone in the media, no matter where you look is saying it. and he has to get an immigration deal in the next three weeks or his left wing
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is going to cleave away from him. he's in the weakest position. time for chuck to come to the table. stuart: nonetheless, we may be back in the standoff position. the way we were just last friday. we may be back in that same position what? a few days from now. >> that's right. we may be in the same standoff position as we approach that february 8th deadline. but here's the difference. when we approached it last time, democrats thought they could win a shutdown with war because they historically have always done so. they lost this last one. there is no chance -- i would be shocked, stuart, if they force another shut down that they will begin lose. it would be very, very eye opening and i don't foresee that happening. stuart: maybe i ask a quick question on do you haveose. the president leaves tonight for europe. what do you think he's going to say? is he going to play hardball with the global elites over there? >> i suspect he will. this is a president that has said america first unmistakably. the factory worker comes first in trade negotiations. he's shown that to be true in his actions as president. so this is what the american
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public wants to see might make some people at davos not happy. we want allies. we have to have allies but that said, the american worker always comes first with this president. stuart: i think he's going to make lots of people in davos very, very unhappy. and you love it, don't you? >> i love it. stuart: caylee, thank you for joining us. appreciate it. >> thank you, stuart,. stuart: i want more on davos because the president has been accused of starting a trade war. 78 i, he has imposed tariffs on washing machines coming into the country, solar panels from china. is that a trade war? >> no. it's a shot across the bow. basically, reaffirming that he is going to do what's in the best interest for american manufacturers and american workers. but i wanted to start with the idea he goes to davos, what's he going to talk about? the imf came out this week and basically said that had because of trump's tax plan and trump's agenda, the entire world is going up. do not think he's going to tell that to all the people in the room. because of me, your gdp gains are going to be better than
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expected. that's what the ims said. that is a huge credit to this president. stuart: i did not know that. i know the imf raised its forecast for the global economy 4.9% this year. i didn't know that they said it was trump that had done it. >> yes. because of the tax cuts. this is further affirmation. as for the trade war, we need to remember interestingly two years ago the eu imposed almost 50% tariffs on solar panels. barack obama imposed tariffs on solar panels. why? because the chinese had way overbuilt this industry. they were dumping in the united states and in the eu and so this is a perfectly-reasonable follow on. of course, this is a double outrage from president trump because it also interferes with the growth in some people's view of green energy in this country. stuart: sure does. >> but it is not a trade war. not yet. stuart: not yet. warning shot across the bows. i think you're right. >> exactly. stuart: hold on a second, liz. i want to get back to president trump who is
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tweeting some more on the economy. listen to this. tremendous investment by companies from all over the world being made in america. there's never been anything like it. now disney, jp morgan chase, and many others massive regulation reduction and tax cuts are making us a powerhouse again. long way to go. jobs, jobs, jobs. now, wait a second. we have more companies offering bonuses. liz: verizon, starbucks, brown foramen. verizon is handing bonuses to workers. starbucks is giving stock grants to workers. so verizon is doing the same. now the list is 240 companies are giving back to tax cuts in some form. so here's the thing. this is even before the repatriation of cash by tech companies. the cash overseas. we haven't even seen that yet. so it's 240 now. ashley: i just want to tie that back into davos because even the snobby elites are having to clinch teeth admit that donald trump rather than the apocalypse that they forecast when he was elected that the economy is doing so
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well to the point that the imf at davos said what you know? the u.s. economy is firing along well and praise the tax cuts. hurt them to admit it. stuart: on your screen the list of companies i want to add disney. liz: disney is adding bonuses and raising. stuart: $1,000 to 125,000 employees. liz: that's correct. stuart: starbucks is giving better benefits. liz: and pay raises. stuart: to 150,000 of its workers. liz: and, by the way, a lot of those companies are in districts that democrats have won. so this is a real shout out i think from corporate america saying you know what, dc? this is what we've been wanting all along. it seems all of corporate america is responding. >> and, by the way, what i think is great is almost all of them have said it's because the tax bill. it's not because wow we're doing so great. business is up, we're going to do this. if they were correcting the gop tax bill. so i think that -- and, by the way, i would think the number on workers now has to be over 2.5 million workers.
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ashley: and the reporters talking to mick mulvaney at the white house saying this has nothing to do with tax reform. how stupid do they look? . stuart: that was the first question from gary cohn yesterday. the very first question. how could trump take credit for this? the money was in the coughers already. >> when the companies themselves are saying it's because of the tax cut. it's so stupid. stuart: more on that at the top of the coming hour. okay? stay there, everybody. how about this from comcast? adding a lot of high speed internet customers. the market doesn't care much for that. it's down 1.7%. 41 on comcast. better revenue. that's money coming in at united technologies. and a pretty good profit forecast. but the stock is down a fraction. qualcomm. i find this a very interesting story. qualcomm has been fined 1.2 billion by the europeans for paying off apple not to use rival chips in iphones. in other words, an american company is fined because of its business dealings with another american company fined
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by the europeans. ashley: that's how europeans make money. fining american companies. i mean, that's the biggest budget item they have. stuart: to be cynical, i think you're right. ashley: yeah,. stuart: check futures. where are we going to open? we've got about 20 minutes to go. we're going to be going up 100 points. 26,300. here we come. what could be bad news for tesla. a driver in california rear ending a fire truck. the driver says his autopilot was turned on at the time of the crash. federal officials investigating. another bombshell deep state conspiracy within the fbi. senator ron johnson says he was -- he has an informant who is spilling the beans about the secret society within the fbi. that's a big deal. judge napolitano on that next on this program
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. stuart: united continental says they're going to match the low fairs of their competitors, and they're going to increase capacity. investors are a little worried that that might hit profits, so that stock is i believe down -- whoa. yes, it is down 7% on united. that's premarket. better profit royal caribbean cruises why? well, the ticket prices are higher and people are spending a lot more onboard. they're drinking up a storm. royal caribbean is up only 58 cents, however. the pentagon says a deadly air strike against isis was carried out during the government shut down. that's interesting. ashley: it is. it happened saturday. the government was shut down. well, try telling that to these isis fighters. 150 of them were killed on saturday following an air strike in eastern syria. what's interesting is isis has lost 98% of its territory. the last pocket is in eastern syria near the iraqi border. this strike took out 150 isis fighters. they are really decimated. but their leader abu baghdadi
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still alive, it's believed and hiding somewhere in that area. so we're getting to the very end of this now. the government shut down? forget about it. stuart: but the military was active during the government shut down. ashley: oh, very. stuart: senator ron johnson revealed more to fox news about messages exchange between fbi agents lisa page and peter struck. you better watch this. roll tape. >> corruption -- more than bias. the corruption at the highest levels of the fbi and that secret society. we have an informant that's talking about a group that was holding secret meetings off-site. >> a secret society. a secret meetings off-site of the justice department. >> correct. >> and you have an informant saying that? >> yes. stuart: how about that? all rise. judge napolitano is here. a secret society within the fbi meeting off-site. that is a conspiracy. >> well, a conspiracy is an
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agreement to commit a crime. so if they're getting together to blast trump or praise hillary clinton, that's not a conspiracy under the law and there's no criminal behavior, which it would depend upon what they agreed to do. they agree to try to dislodge donald trump from the presidency by unlawful means, of course -- stuart: or open up an avenue on attack on the annual-elected president, like, through the russian dossier. >> well, that wouldn't necessarily be criminal because that would require the development of evidence. stuart: come on, judge. that's not be legalistic about this. there's a group within the justice department averting the course of our politics. >> if they're agreeing to do something, it's criminal. by the way, they don't even have to leave the fbi building because there are secure places in the building where they can have conversations that can't be recorded.
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. stuart: okay. >> then there is no crime. but it's it's tantalizing. he has an undercover informality. he has someone working in the fbi telling him about it. of course we want to know what it is. stuart: that's the break through, isn't it? the senator has an informant inside the workings here telling him what's going on, that's a big deal. >> it is. stuart: that's a window into the conspiracy. >> providing it is a conspiracy, which is an agreement to perform an illegal act where one person in the -- among the agreers takes a step in furtherance of the agreement. stuart: is this worse than watergate because i think it is. >> watergate succeeded. watergate dislodged a president. if it is a plot, it will be stopped in its tracks. stuart: what i mean by watergate is that was a horrendous political scandal.
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>> yes. stuart: i think this is just as bad. >> it's starting to look pretty bad to be honest with you, and it all seems to be coming together with jeff sessions having been interviewed last week. i don't know how they pulled that off without us knowing about it, by the way. but they did. stuart: what does that have to do within the fbi? jeff sessions was interviewed on russia, russia, russia. >> we don't know what it was asked about. he is the ultimate person responsible for what happens in the fbi. the fbi works for him. so we don't know what he was asked about, and we don't know what the president will be asked about if the president, in my opinion, is unwise enough to agree to meet with the special prosecutor. you don't meet with somebody that's trying to prosecute yo y. stuart: all right, judge, we'll leave it at that. >> all right. stuart: i reluctantly leave it at that. >> tantalizing until the 11th. stuart: yes. thanks, judge. now, nbc nightly news, they went live from north korea. their anchor got slammed on social media, particularly for
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softball coverage of this oppressive regime. full details for you
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. stuart: this just coming to us. germany's chancellor angela merkel takes a shot at president trump even before he gets to davos.
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ashley: well, a couple of things. she says we should not complain when other companies like the u.s. reform their tax systems. interesting. but then she goes on to say the pursuit of nationalist solutions risks creating a spiral that makes it difficult for countries to talk to each other. . stuart: you can't defend your sovereignty by being a national. ashley: no, you can't. america first? that's dreadful. that's what she's saying. stuart: i wonder if president trump will meet angela merkel. i don't know whether she's going. i know he is. but that will make a good confrontation, won't it? ashley: fly on the wall again. stuart: how about this? nbc under fire. especially on social media for his coverage from north korea. liz: social media is attacking north korea why are you aiding and abetting the propaganda of north korea making like you're doing news reporting when it was clearly staged events. north korea built the itinerary for this event. it's an advance of nbc covering exclusively the winter olympics. the billion dollars they paid
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to south korea. also saying that there's a new alliance between north korea and south korea when it comes to the olympics. not a new alliance just having teams going. the north koreans are sending a team to the south korean olympics. a lot of cruelty in the concentration camps, the prisons there, people starving there. the question was did he bring that up? it appears no. there was not much news reporting on that end. stuart: okay. got it. let's move on to the market because we're going to open up in what? four and a half minutes time and yet again we're going to see a significant gain right from the opening bell. this morning at 9:30 eastern time, the dow is going to open up about 100 points. that will put the dow above 26,300. that means that this calendar year, 2018, the dow has just gone straight up. virtually no pull back at all thus far this year. no pull back today. we'll be back. ♪
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>> all right wednesday morning, january the 24th, 2018, and i have to sate same thing that i said virtually every single new trading day of this year sew stocks are going to open up again today.
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not just understand. but up probably in the range of 100 points up on the dow jones stroll average as we said many times this is the longest winning streak for the stock market since 1959 here we go. it is 9:30 eastern time. wednesday morning, and we have opened with a gain of 71 point. 74 points. 70, okay. 26,286 that is an all-time high for the dow and have to gain a couple of points at another all time high. now we're up 85 with closing in on 26,300. for the benefit of our radio listeners up 85 at 26,293. that's a gain of a third of one percent. the s&p 500 also on the upside also at an all time high, it is up one quarter of one percent. 7 points u up. the nasdaq compose don't tell me all time high thank you ladies and gentlemen up just a fraction
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1.7% 7.7473 up across the board, and look at ge, it was up 5% earlier in premarket trading. now it is only up a fraction. 16 cents higher at $17 a share more on that in a second now i have a list of the latest companies giving big give back to their employees i have disney, verizon, jpmorgan chase and starbucks all of them -- jumping on this give back train which is now a flood. who is with me? [laughter] ashley webster and elizabeth macdonald keith fitzgerald and jonathan, all right jonathan to you fist longest winning streak for stocks since 1959 what stops it? tell me. >> i mean only perhaps exuberance and i mean this market has gone from dow i think under president obama really to hope under president trump now there's good reasons to be
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bullish the there but fact that the market not only as you said has gone up uninterrupt for better part of year but average show stocks exposure right now and average amount of money that most investors have to stocks is higher now than it was even in 2000. so i'm a bolder i don't know tops in a bull market but i think there's no question that the average investor now is perhaps a little too bullish given where we are many this cycle. >> longest monthly winning streak i should have put that in my statement there but longest monthly winning streak since 1959. on your screens right now, big winners among the dow 30 stock abouts morgan cisco united health pfizer and corner of my eye waving her harms. >> accounting probe into ge now that's the stock baa they basically took a whopping big 11 billion charge for its -- pretty bad be insurance business -- it double what it warned last year fcc accounting probe now. >> that's important news development thank you very much liz. back to you, keith. ge -- i thought they established a
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bottom $15 a share and change. is that the bottom? in my opinion no stuart a long way to go many this accounting probe that's long overdue this company is all about financial buzz word bingo right now that misrevenue and earnings decrease expectations suddenly if things get better next year i think any newscast tore will get a white knuckle journey. >> wow, i can't believe we're saying this ge when i was growing up was always look at that one year chart exactly. back in the day. back in the day, that was the stock for widow and orphans and everybody else. >> s&p is also looking into the way it books its revenue so that's a big one too. jonathan get into it please. >> it is illustrative of why management counts of why my company whether it is ge as you said stuart for decades that was the goal stashed to the just for widow and growth investors as well. poor management specifically in
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my opinion under jeff and the company went into very a direction and now as you said where is the bottom ultimately bottom is simply at zero is stocks can't go any lower than ma. what you see is ultimately some spinoff, ge as we know it and one of the market leaders is gone. this company won't exist in its same form even 18 months from now. >> who would have thought you would say that about general electric. okay, we're o going to give you that list of companies doing the givebacks with, disney verizon, jpmorgan starbucks in the last 4 hours giving back from the tax cut deal. jonathan, i think this is a flood and just gung because when the tech companies repatriate that money it goes to shareholders what say you? >> they say stuart it is trickle down but it is not it is trickle out and when wealth is created so trickled out to everyone employees, and i don't particularly love that tomorrow give back. it is more like allowed to keep
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money with investor and share holders the of the employees to begin with and whether it is corporation and groups of individuals allowed to kipe their money it is invest d it is spend but invested that's where the new jobs the new wealth comes from. so if we have more and more or government and less and less government intervention in our lives less taxes in our lives you see more and more trickle out and wealth created for all that starts right here. >> a good expression trickle out because that is what is exactly happening here. keith about when the big tech companies repatriate the hundreds ofs of dollars that they have overseas i think some of what, a chunk of that i think is going to go to share holders stock buy back and dividends that's making the big text attractive right now. what say you? >> well and also don't forget about growth. those two things go hand-in-hand. you know you take cay of your investors they cake care of you. you know people look at dividends as a cash payout really what they are is an
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implied promise for management that they know what they're ding and they can hit their octaves. i think bringing this money back is beginning to be good for hght, good for shareholders and importantly it is good for markets because it complies confidence. we need that right now. >> okay look at the big board everybody. because we just crossed 26,300 now up 116 point. 26,329 as we speak. and your microsoft hit another all time high. now above 92 bucks. [laughter] i didn't want to be the one who said it. will back out of the studio when it hits had a certain level. a thousand bucks a share. but in the meantime i'm a very happy camper everybody. [laughter] let mess go through other stocks it for you price of oil $64.70 per barrel as we speak. united continental better rv knew coming i'm sorry united technology more money comes had many and nice profit forecast for the future doing very well out of the commercial jet market as well we're up 1.6% that is
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united technology now and the low fair of their competition investors worry about that and maybe they'll hit that profit margin because they're matching others low fare interesting. better profit at royal caribbean cruisers why, because they put ticket prices up and we're boosting up a storm onboard cruise ships on top. higher profit and sales at stanley black and becker down a couple of bucks dow stocks four of them and we do this every day these are dow stocks hitting all time highs look at wal-mart at 105. microsoft at 9 29, jpmorgan travelers all time highs for dow stocks. now, here's a story i just find this pass naughting. fined 1.2 billion by the europeans, why because they apparent paid off apple to use their chips so exes collusively so you have two american companies or --
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doing business together, and the europeans fine them europeans fine them. >> europeans are fining them sayingon what you're icing outs competition by basically saying to a l we're going to pay you special payments to only use our chips in your phones and your ipads. you know, but basic cal will i a 1.2 billion they've had this agreement since 2011. this san agreement where it says we will pay you more money apple if you only use your chips. here's thing eu basically if you built on our company and icing outs our companies where it is our antitrust laws are about consumer pricing and better products. so -- astonishing that it is going on. >> but liz -- a shake down. this is just a european mob shake down stuart that comes along and says i don't like how two free companies are interacting -- two companies that provide
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technology that makes eu run just like whether whether it is u.s. antitrust opportunities, this is just government saying here's my gun give me a billion dollars and move along. >> in that way. they're so upside down in the eu why not flatten and their own bureaucracy to let more apples virgin and grow in their own boundaries. they're attack iting others -- and you know, they're soul upside down in their thinking over here. >> i'm a recovered european so is ash. we know -- let's talk netflix academy award history as first streaming service to land eight nominations including four for the future film mud bound. jonathan, netflix at 249, $250 a share too rich for you? >> well look how it is changed stuart ting that's the point. it is not too rich is as long as they're continuing to innovate. i mean it wasn't too long ago we talked about net thrix is being
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a dvd deliver it rei cane. they have note stopped innovating that's why stock has not stopped desendinging and essentially trends stuart this is transformsal companies how all digital information is -- is accepted so carl icahn sold too early i wish i had bought it a long time ago but this stock is a market leader that doesn't turn to the rest of the market does. wouldn't sell it short. efnlg american companies move fast that's a fact. i want to turn to facebook they're closing in, i believe they crossed just crossed 190 backed up to 188. keith you've been very bullish on facebook, and now it's approaching 190, 200 a share. is it too rich for you to buy at this point? >> no it is not too rich for me to recommend buying at this point because they're figuring out revenue model and interesting work when it comes to attracting eyeball but that has been play out the but they're just getting started they figured out what they want
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to be. >> i want to thank jonathan and keith for being with us on a hicks day gentleman thanks for being with us. indeed. back to big board up 115 points 26,325. some bad news for ulta beauty. the style on company i believe, they're accused of repackaging reselling used makeup. you better not do that. details in a moment. watch out global elite trump making a big speech friday, i think this could be most important democracy speech of his presidency so par. we'll chime in on that in just a moment. [ phone rings ] hi, tom. hey, how's the college visit?
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you remembered. it's good. does it make the short list? you remembered that too. yeah, i'm afraid so. knowing what's important to you... it's okay. this is what we've been planning for. thanks, bye. that's what's important to us. it's why 7 million investors work with edward jones.
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all right a very solid gain that we're starting out this morning up 128 points, 26,339. how about that? ge under investigation by the sec after taking a charge for its old insurance business. the stock is barely moving and still at 17 bucks. ulta, accused of repackaging and reselling used makeup. nick coal you better tell us about this one. >> i almost can't speak i really want to know what validity of this story is. first of all, stocks down two and a half percent if this is true most people find it appalling what an a x blow is claiming in multiple weest is that ulta salons where they sell makeup and beauty products are cleaning up things that are returned and repackaging them for sale. now, this is an ex-ploy who make a makeup, hair care, this is a way to be completely unsanitary
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and unsanitary practices they would likely see a ton of lawsuits also beauty is not really responded to this just yet. but there's certainly this appalling -- feeling when you read something like this. but again it is one side from an ex-employee and there's another employee had -- supports that claim. that they repackage it and sell it back out, of course, you know kinds of thingses that you can contract. huge. >> got it nick coal, thank you. mr. president heads tonight and flies off tonight actually. art laugher is with withs us, you know, look, looks like our president is starting a trade war with with tariffs does it worry you? >> of course it worries me. i don't see it yet as being a trade war but i see it focused on industries but you're starting to tread down a slippery slope and frankly i don't like it either. but i'm not yet --
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willing to declare it a trade war by any teens. rng a warning shot here's where we're coming from watch out here we come it might be change that way later on. >> yeah, that could well be the right thing to do in some of these cases if there's bad behavior in the part of other companies, trying to undercut and monopolize and treat our companies badly then you want hill to make sure it is fair and free trade but if it is putting up barriers to protect industry and i worry about it a lot. >> what do you make of general electric? on this program recently we've had people saying this thing is going away. well ge was a io o con for a couple of generations. can it be going away? >> stuart i've had a relationship with ge since 1967, 68 one with of maybe ten or 12 or o 13 people businesses that have been with them and i'm still with them and it is a very sad picture that you see. i started with wright jones and jack welsh and then jeff and you
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know you see this decline started, and it happened. very, very sad to me to be honest. >> what happened to him? what's the main reason that -- they're in this chronic decline? >> i don't really know what the main reason is. i mean welcome the thing that i think is far more amazing is -- how could they have stayed on top for as long as they did? they were the most amazing company in the world for years and years and years and that takes special skills and maybe hose special skills just disappear ised stuart and you got to a more normal human beings and they just -- don't they don't cut it like theys used to. ening maybe they're the old line industrial companies which have been superseded by america's titanic and huge technology companies. >> i can't help but sort of see myself in this same light as someone sees ge and i just don't want that to happen to me. >> don't do that. all right. 30,000 on the dow concern by the end of this year. what say you? >> now look i'm on the stuart
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varney show and i've been watching you for years and years and i can't help but look at what you have done how you can -- see into the murky future of the stock market and called it right for so, so long and yowpght me to embarrass myself by being the king with no clothes. [laughter] on your show and making an absolute fool of myself. i'm going to rely on you stuart i believe you're right. i believe we have a huge stock market ahead for years to come. but tell you what's going to happen to the stock market is like telling ben carson how to do brain surgery. [laughter] just not going to step into that trap. [laughter] >> okay let me make something clear flattery is mother milk of television and we love flattery. but under no circumstance -- and by the way, you did answer a the question. you did not answer the question. so -- j i think, i think you and i see the same world. i think we see a stock market going for years and years. it is beginning to be extraordinary attractive for
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investors for a long, long time. >> let's be clear i don't make stock market prediction whatever you say -- >> i saw your record at the end of year where you webcast become and looked at your comments and that, and you know, you did that. there was a story of stuart varney look back, and it was amazing how you -- you hit it. >> well we edited it sharply. [laughter] >> well it may be shopped but we do shopping but i think you're rights. i think we all agree. this is a new era for america, and majority has a long way to go -- up, there's no ceiling on this market. from reagan august of '8 to -- 2,000 market went up 7.5 a fold just for inflation 13 of.5 so-so you know there's a long, long run potentially in front of us and i think it is going to happen. j that's a good outcue thank you very much indeed sir see you again real soon. thank you very much. look at it now, we've got a lot of green amongst the dow 30, i
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26 of them of the dow 30 on the upside and i see dow industrials up 131 points. 26,342 this is just extraordinary stuff. it really is. we have a team union in contract are talks with ups. one of the unions top demands they want an all-out ban on drones. and -- self-driving delivery trucks. i guess if you're the union guy that's exactly what you want -- we'll be back.
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>> 7:dow stocks count them 7 reaching all time highs again, today. wal-mart microsoft, jpmorgan chase, travelers, next page. united health, united technology. dow dupont 7 dow stocks record highs as of today. the teamsters, they've got a message for ups now the contract talks are underway ashley what's the message? >> they delivered 83 page document but at the -- summation of it is don't replace this. they want to ups to be prohibit drones prohibit vehicles. they also don't want to be subjected to late night deliveries anything after 9 p.m. including november and december when it is the busiest time for
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package deliveries. oh -- but of course the online explosion has been very expensive although they're making more money they have to rebuild u new warehouse and new systems but interesting they didn't talk about wages or benefits but they'll get into that later and i don't know how in this day and age you can say no drones, no -- vehicles but -- that's the way it is going testimony >> they want to be bought off. of course they do. don't blame them either. new york city is suing eight drug companies over the opioid crisis. >> now number of companies in that lawsuit is nearly triple it is now at about 24 companies being sued by mayor de blasio in new york city they're saying these drug makers and district tores basically created the ohm i did crisis where a thousand people died in recent years. double the rates of or years gone by. so 200 lawsuits have been brought against companies like purdue and j&j and watson and carnell health and states like c, new jersey, illinois, and
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kentucky so this is them saying we need to recrew our cost from opioid crisis. >> remind me of the tobacco companies, sued by various -- attorney general, because new york city is suing the oil companies over o climate change. suing drug companies over the opioid crisis, instead of changing policy they're going to the courts for redress. >> when they got settlement money for tobacco company it didn't reduce cigarette smoking but on other things. another example of the media which just can't stand good economic news in the era are of donald trump. we'll tell you all about it in just one moment.
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stuart: gary cohn is the president's top economic advisor. holed as press conference. first question from the media. isn't it unfair to give the president credit for all these
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companies giving back? after all, they had the money their coffers already? mr. cohn treated that question with the respect it did not deserve. i disagree completely he says. the givebacks are result of a tangs cut, period. i'm pointing this out because another example of the left and media allies desperately trying to stifle the good news on the economy. they're following nancy pelosi's lead, the multimillionaire, that these are crumbs. look at giveback news just today. disney giving $1000 bonuses to 125,000 employees. they're helping with educational expenses as well. why is disney doing this? pause of the fox kautz. verizon will give stock -- tax cuts. they will give 2500 bucks to employees, 2500 bucks. jpmorgan will hire more people and make $25 billion available
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to help loans for ordinary people. starbucks will increase wages and benefits to 150,000 of its workers. all the givebacks announced in the last 24 hours. hardly crumbs. we said for a long time that tax cuts put business on trial. they got everything they wanted, so what are they going to do for us now? if they fail to pass along the benefits, the left will be eager to pounce, eager to label corporations just wicked and greedy. in fact in my opinion, business is passing the test. america needs a raise and millions of workers are getting more pay, better conditionss better benefits. it is only just started. the second hour of "varney & company" is about to begin. ♪ stuart: okay look at that to start with. 166 points, 167 points.
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26,377. we've gone straight up right from the opening bell 31 minutes ago. we have news for you on existing home sales. very important to realtors. ashley: game in at 5.57 million on annualized basis. we had a very good november. talking about december. the december numbers unfortunately down 3.6% from november. so, not as strong as november which was an 11-year high. the continuing problem is a tight supply and higher prices. that is taking would-be buyers out of the market right n.o.w. even though mortgage rates are pretty low, the prices are rising there are not many homes on the market. stuart: i happy hear being that. a lot of people want to bite house but there ain't many houses to buy. that's the problem. got to check the big board again. we are going up and up and up. this is exciting stuff. we're up 178, 176 points, 26,386. now we've got eight dow stocks that have hit all-time highs as
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of today. i'm going through the list. we got walmart, microsoft, jpmorgan chase, and travelers, move on to the next page, page four, unitedhealth, united technologies, goldman sachs. all record highs as of right now. the price of oil by the way, $64.59 per barrel. my take at the top of the hour. the bonuses asked at white house press briefing and gary cohn's response. watch this. >> isn't it unfair to give the president credit for that? they already had that mon in in their coffers right? they would not have turned it lose otherwise. >> i disagree with your premise complete. look if they had the money in the covers could have done the last year the year before, the year before, seems like, not seems like, we've seen the tax plan mentioned directly. they feel better about the u.s.
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economy. they feel more confident about their earnings. stuart: i think mr. cohn was rather restrained actually with the question. charles hurt with us, "washington times" political columnist. he is with us now. >> good morning, stuart. stuart: my point is, charles, the media can not allow any good news on the economy to be attributed to president trump, period. what say you? >> i think that is exactly right. these people spent the last year preaching doom and gloom. first saying this would never happen, they couldn't get it done. republicans can't walk and chew gum at the same time. they can't get anything passed. they get something passed, immediately, immediately, we start seeing fairly extraordinary results of exactly what the president and republicans in congress pushed through without the help of a single democrat, i should remind you. and so, yeah, now they're sort of apoplectic about it. they're asking insane, ridiculous questions, like the one that reporter asked right there. i do think it is kind of
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interesting, in weird way he is sort of acknowledging, okay, there was money parked either overseas or in, with companies and they were sitting on it, and now they're spending it. so why is that? there can be only one explanation for it. stuart: yes, the tax cuts. >> yeah. stuart: come on! it is staring you in the face. all right, charles, welcome back to the show by the way. we did miss you. we hope you're still having a good time in d.c. you're having a brass, -- blast. stay there for a second. i will come back to you in a moment. i want to bring in jack hough. stuart: "barron's" kind of guy, you like me saying that? disney, verizon, jpmorgan, starbucks. i say business is passing the test and you say? >> this is why you can't be a partisan zombie, if you're critical of donald trump and many people are. you have to be able to say
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corporate tax rates were too high. they have been brought down. we one sure whether some of money flows back to workers, it is. you can say it is for show by some of these companies. i don't care what the reason is, with labor conditions this tight, it doesn't take much to spark competition for workers and better income growth. and that has to be good for america no matter what side you're on. stuart: look, it is very tight labor market. liz: probably why they're giving out wage increases. they want to keep good workers, right? stuart: jpmorgan raising wages 10%. 10%. liz: brown-forman, maker of jack daniels. >> walmart raised their minimum wage a couple of bucks. that is get to up to par with target. they're still behind costco. that money goes straight to the middle class. those workers are walmart customers. it is good for shareholders too. stuart: talk to me about general electric, an icon for investors for a couple of generations. now we hear, this thing might just disappear in it is current
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form. what happened? >> ge has deep problems obviously. people thought for a long time, maybe it is just too complex. maybe it needs to be restructured and broken up when i talk to analysts taking a deep dive on the business, someone tells me alarming than that ge is flat-out not competitive in some of the major businesses it has. they do great in aviation, everyone knows that there is a lot more to the company than that oil and gas, some different things itself, major businesses. i don't know, it becomes more complicated when a giant company like this, run by inside guy. i would have been so more tempted to outsider what needs to be done. think radically how we reshape this business. stuart: i thought people would look for bottom at fe. i thought it might find it at $15 a share. now down again. i have to talk to you about netflix. it will spend what, $8 billion on content this year. the stock is now at another high. >> yes.
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stuart: $253 per share. it is a company, that is really revolutionary, isn't it? >> it really is. it is the only fang stock i have remained skeptical on at "barron's." the world is proving me wrong. netflix is a great deal. you should sign up for it today, they spend a lot more on content than they charge you as a customer. it's a giveaway. my concern is they're spending endlessly, cash flow is getting negative, getting more negative each year but the world thinks they will be able to leverage the spending especially because they can distribute, keep in mind they can distribute to customers worldwide. stuart: i don't think they're a takeover target at that price. they are worth over $100 billion. only a couple of companies in the world that can take them. i think they're a growth company. they have 117 million subscribers i believe. 4 billion people in the world with a smartphone, two billion,
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whatever. huge market. liz: apple could easily buy it. stuart: disney could have taken them over. disney strips out its content from netflix, have its own stream service. maybe things got rockier for netflix then. stuart: let's go to politics. we love it here. charles, come back in, please. homeland security secretary kirstjen nielsen said this about senator cory booker's rant at last week's senate hearing. roll tape. >> it was a distraction and it was very frustrating to me on the behalf of the men and women at department of homeland security. i was there to talk about real threats and their needs to do their job, that the american people asked them to do. it became 11 minutes after lecture about a meet being he was not in, one word and whether or not i heard it. stuart: she is right. cory booker went on a rant, tears of rage he was talking about there. what is your response to this, charles? no her response was actually
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also restrained, that she was very nice about it. she was certainly very nice about it when cory booker was going on his rampage in, during that bizarre hearing but i have to say you know, it's a little bit alarming, i always warn my colleagues around here about donald trump and they're always, they're always, i like to warn them when donald trump goes away, we will be left with politicians and those politicians will be like cory booker. they will sit there and will bloviate, use all coded language, talk all of their politics and bore us to tears once again. the good news is, cory booker might being running for 2020 for the democratic nomination. he is head and shoulders above all the rest. the good news, donald trump will also be there, at least he will keep it entertaining for us. stuart: that is a key word, isn't it. the man is entertaining. >> yeah. stuart: you might not like him but he focuses your attention on him. he is completely different. last one, do you think we'll
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ever get used to him. >> no, i don't think so because the guy, always says how to stay one step ahead of the crowd. like i say he keeps things interesting and let's also not forget, he is generally, he has a very good way of putting a fine point on issue that matters the most. that has been the thing that has been to me most interesting about his presidency. when he focuses on something, he has all of america knowing what chain migration is. stuart: yes. >> four years people didn't know what chain migration is. he is very close to him fating that in this country. that is enormous accomplishment. stuart: it would be a huge win if he does that. charles, great to have you back on the show. see you again real soon. yes, sir. a candlelight vigil in honor after taco customer of a taco bell in alabama, came out to mourn their favorite fast-food location after it was destroyed in a fire. kind of tongue-in-cheek as you might expect it. was a joke on social media.
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100 people showed up. no one was hurt by the fire by the way. serious stuff on the bombshell investigation into the text messages of two members of the mueller team. one says he has proof after secret society operating within the fbi. that is a big deal. venezuela, reports of looting to avoid starvation. how bad is it, and when do they finally collapse. ♪ whcold sore.et you? grab lunch?
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stuart: well just look at this. for the benefit of our radio listeners, i will tell you what we're looking at. we're up 168 points, 26,037p 7 this market has gone straight up from the opening bell.
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we have 25 of the dow 30 stocks in the green. they're up. treasury secretary steve mnuchin, he is in davos. he is welcoming a weaker dollar. wait a second, liz, you're not supposed to do that if you're the treasury secretary. liz: no. the dollar is taking hits. down to a three-year low. the argument it would help u.s. multinationals sell good abroad with weaker dollar but long-term he is saying yes to a stronger dollar. basically a strong dollar attracts people investing in the u.s. because it is considered the safe haven with stronger dollar. stuart: gary cohn told the world yesterday, america is open for business. ashley: right. stuart: i think treasury secretary mnuchin is following up on the statement even though you're not supposed to say that right. now this one for you. in venezuela, we are told, they need to loot or die of hunger. yeah, look at that! vanessa newman is with us, the president of asymmetrica.
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vanessa, you're our point person, you know what is going on down there. >> thank you. stuart: i would have expected it to collapse. what is propping them up. >> what is propping them up, they keep getting cash infusions from russia or china. that is somewhat stopping though i heard from a friend of mine who flew down there last week, at airport you're seeing a lot of chinese people getting off flights from europe. a lot suspect pla, peoples liberation army from china. they're taking over refineries. there are back-room deals give being them. they are narco-regime. they keep paying generals with drug money. i discuss that in my book. stuart: i want to hear about that. >> yeah. stuart: relatives from the leadership in venezuela are arrested on drug charges. i think some of the arrests were in america. >> correct. stuart: it is a marco state
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period. >> it's a narco state. that is how they pay for loyalty of military. generals don't rebel because they are receiving drug money. they're all involved in drug traffickings. the relatives of the president are the president's nephews have been sentenced to 30 years in prison in the united states in the southern district of new york. which, you know, which is in manhattan. so it is very serious. and the u.s. government refers to the venezuelan government as the flordas drug trafficking organization because that is the name of the president. the u.s. refers to it as drug cartel. stuart: where is it going on this, vanessa. where is venezuela going? >> you have a lot of fracture. you have in fact, you know, difficult, different segments of the population are, they are rebelling. you have sort of a reversal to the state of nature.
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constant looting. there are attacking anybody who has any sort of food. the authorities are standing by. but you also see some of the security forces stealing some weapons from the others. the big news this last week, was they murdered what we called sort of our james bond figure, who was one of the people who had been a rebel. they surrendered and they killed him. now he has become sort of a martyr of the resistance. and now people are unifying behind that. what is going to happen is, the government is increasingly isolated. they called for elections yesterday. it is a farce. 12 countries said no, they won't support it. and the colombian government which is a great ally of the united states, pulled its ambassador out in protest. so how this happens is a total collapse, with the state of nature and the humanitarian crisis. we're seeing exodus across borders like you see in syria. it is stunning. stuart: it is astonishing,
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vanessa. we want to thank you very much for being on top of this for us. >> thank you. stuart: we need the direct input. you're giving it to us. >> thank you. stuart: vanessa newman, thank you very much indeed. >> thank you very much. bye-bye. stuart: how about this? a driver in vermont and end up in lake champ plain. he blames it on the navigation app waze. we'll have the story coming up next. ♪
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stuart: united continental, the airline, they will match the low fares of their competitors. investors think maybe that hurts their profit margin. look at it go down, that is an airline down 10%.
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better profit at royal caribbean cruises. they have higher ticket prices and cruisers are spending more on board. up goes the stock, nearly 5%. now this, a car ended up in a lake because of a popular navigation app. tell me, ash. ashley: it was three sightseers from connecticut near burlington, vermont. borrowed a jeep from a friend, using waze a navigation tool, that helps you see traffic accidents and they follow blindly the ramp and took them on a boat launch and the car sunk into lake champlain, they got out. it was very dark, fog guess rainy night. google owns ways says, we have no explanation for this. but they take this kind of somewhat hilarious quote. drivers need to keep their eyes on the road. keep in mind of all environmental information around them.
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in other words you drove into a lake. stuart: your fault. i smell a lawsuit down the road. who knows. california, say it ain't so. california may soon put warning labels on, coffee cups. liz: superior state judge is now saying you have to put, warning labels out there for cancer. so every cup of coffee would have a warning label because of cancer. what is at issue, when you roast the coffee bean, it creates acrilmade is a chemical that can cause cancer. starbucks is lead defendant and other coffee companies, that it is small, tiny amount it is insignificant. a superior court judge, looks like, a cancer doctor in orange county said only thing that is safe in california is boiled or steamed food? is that what we have left living in california? stuart: california. liz: like the fire log story, right. stuart: if you buy firewood in america, and it is available in
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california, there is a warning label on firewood. danger, set fire to this product and it might cause carcinogens and cancers. that is what it says. ashley: it might burn. stuart: it might burn. [laughter] senator ron johnson says he has an informant who confirms there is indeed a secret society within the fbi. that is a bombshell, and we of course are on it. president trump heads to davos tonight. i say he will make his most important economic speech to date. i have an editorial coming up at top of the 11:00 hour. we'll be back with it all. ♪ at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage.
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stuart: the rally holds up, 143 points, 26,353. that is a rally. weekly oil inventories, in other words, how much have we used in most recent period. what have we got? liz: we'll still waiting on number. neil: we'll bring you the number. liz: down 1.7 million barrels. stuart: no impact. we used about a million barrels of oil. liz: 10th straight drop. stuart: whoopee do. i don't think of much that number. liz: oil at three-year high. stuart: now you're talking. up goes my gas price. we'll get to it. i want to bringing in david barnson, the theme hon our group that i think we in america achieved energy dominance. i think that is a huge deal. what say you. >> that is a huge story. it is most untold story in the
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economy. it has political implications but from investor standpoint, everyone is looking for value, where is the value story. we have high-risk assets. there sin credittal value in the energy story. it is not short term. stuart: how do i invest in the story? how do i invest? >> find investments not commodity priced dependent. no reason to get levered up to the price of oil. it is volatile. it will move around with supply, relevance from opec. the investor story is in infrastructure. for them to buildout the capability for us to become a net exporter, we're not just talking oil, we're talking gas. stuart: yeah, yeah. >> this liquified natural gas story. people talk about it, there is a few companies but if we actually play out the math how much we can export to asia, europe, three, five, seven years, this is a massive investment opportunity but we need more pipeline to do it. they need more volume and they need the companies that facilitate such. stuart: invest in natural gas
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companies, pipeline companies, that's it, that is what you do? >> i think the upstream there is still production value of those companies getting it out of the ground. the margins are so much bigger than they used to be. $63 oil is better than 50. they're making money in the permian basin at 50. continue to expand. >> that is looking to the future. i want them to help me look into the past which is general electric. >> yeah. stuart: a lot of people on this program said this thing is going away. it is an icon of american business. going away? no it is certainly not going away. i think it may be going away from my screen for a long time. it may not be a viable stock. because the reality is, is that, you would think it would hit a bottom, become so attractive they would overdo it, exactly. >> the problem is there is no catalyst. they sold off assets most catalytic to turn around. they have the baker hughes deal. oil and gas story. that is bullish on that. the least attractive, least free
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cash flow generating they're losing competitively even in that business. we know about the aviation side but they don't get a multiple there that will command a 30-dollar stock anytime soon. how do i know this? they cut the dividend because they knew their free cash flow was collapsing. so to me, i think it is a long time until management has a chance to blow it all up an rebuild the company. stuart: if you had told me a few short years ago that ge would not be a buy at 16 i would have laughed at you, but that is exactly what you're saying. >> that's right. stuart: look at the big tech companies. they have had a fantastic run-up. you think it is run up as as far as as it is going to go? don't buy them in other words? >> i would not say that on risk/reward basis it is a lot less attractive, the big theme with clients they have to understand socially and politically these big tech companies have been so popular, everyone's favorite. unfazed. stuart: oh, definitely. >> that is changing. so what the hipness and coolness
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of silicon valley right now, you have far left, turning on them but you have the right as well. there is antitrust talk. there is privacy. there is the election-related issues with facebook we know b there is a whole lot of issues. i think the monopolistic side, i don't happen to buy the argument but what i say you will get pe compression because the social and political dynamic is changing. the precedent i have on this? look what happened to financials and look what happened to energy in the past decade. i think it is big tech's turn to be in that orbit. stuart: very interesting. talk to me about qualcomm, i find this extraordinary. they have been hit with a fine, i think $1.2 billion. >> 5% of revenue from that year. stuart: it is huge. europeans are fining qualcomm because they bought off or did some deal with apple. here you have the europeans taking money out of american corporations because it did business with another american corporation. >> they're not accusing the
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company, they're not accusing apple of doing anything wrong. it is craziest antitrust interpretation i have ever seen. they're essentially saying qualcomm cut a deal for qualcomm that was so good, that it made apple take the deal, and we can't have that. look, we don't own qualcomm anymore. they have a lot of other problems. there is drama all over the place. apple suing them too, things like that. my point being this eu antitrust thing is not the way americans look at antitrust. i'm all for certain antitrust regulation. this is way overboard. stuart: they just want to take our money. they can't innovate themselves. they just want our money. you don't necessarily agree with that, that is where i'm coming from. >> i may agree more than you think. stuart: david, thanks for joining us. much obliged sir. thank you. let's get back to the fbi and those anti-trump texts between peter strzok and lisa page. here is senator ron johnson on that subject. roll tape. >> corruption, more than bias but corruption at the highest levels of the fbi.
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secret society, we have, we have an informant talking about a group that we're holding secret meetings off sight. there is so much smoke here, there is so much suspicion. >> let's stop there. a secret society, secret meetings off site from the justice department? >> correct. >> you have an informant saying that? >> yes. stuart: that's a blockbuster interview right there, in my opinion. steve hilton is with us. the host of "the next revolution" a show, very good one on the fox news channel. steve, i picked up two things there, secret society operating within the fbi, and they have got an informant telling senator johnson all about it. this breaks new turf. this is a conspiracy, isn't it? >> it is a conspiracy and it's really the, the culmination of the bits and pieces of evidence we've been seeing. actually aaccumulate over the last year. that the establishment in washington, d.c., not just inside of the fbi and justice department but right across
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politics and media as we know, because they said so at the time. they thought the idea of donald trump becoming president was unthinkable but what we now see is that they were actually trying to stop it. not through the election, through the ballot box, through the democratic process but through their own levers of power that they had. now what i find astonishing, given the amount of, let's even concede it is circumstantial evidence that it is piling up behind that conspiracy, why isn't there some kind of a proper investigation? at the moment it is still us here on this channel and republicans in congress, pushing all this, but it is still easy for the other side to dismiss it as some kind of a conspiracy theory because there isn't a proper investigation of it. that is what troubles me. when are we going to see that? stuart: by the way we lost 50,000 texts, all delivered at the average of 68 per day between strzok and page, gone, lost. who lost them, i would like to
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add? >> well exactly. i mean that is ridiculous. you are talking about the tech berms in silicon valley where i'm speaking to you from. the idea these people ever lose anything is a complete joke. they have everybody's information all the time. so if someone really wants to find those texts i'm sure we get ahold of them. but the trouble is the establishment don't want to find them because there is probably something embarrassing in them. stuart: i want to talk to you about davos. president trump takes off tonight, off he goes, he will speak on friday, angela merkel will take a shot at president, saying rise of nationalism could make it tough for countries to talk to each other. do you think they will, i don't know whether miss merkel is going to davos. if they get together, it will be pretty fiery, won't it? >> first of all, she should probably stay at home, and work on her own problems because remember, she had the worst election result for anyone from her party since the 1940s,
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precisely for the reason she opened the borders and people in her country didn't like it. it is all very well for her to complain about nationalism. she is the victim of her own misjudgment on these issues. i think the idea that countries can't talk to each other, because they represent their own interests is clearly ludicrous. she is living in different age, frankly. i think that if they do get together, she should listen to what donald trump has to say. he is much more in tune with where people are these days. stuart: i think you're right. steve hilton. thanks for joining us, sir. we'll see you again soon. okay. >> governor of new york, is a democrat. he wants to give medicaid to "dreamers," regardless of what happens with the immigration reform debate. the former lieutenant governor of new york, a republican, will join us on that subject in our next hour. next though, the first question to gary cohn of the white house news briefing, pours cold water on the bonus windfall from the tax cuts.
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we'll deal with that after this. ♪ ♪ ♪ i can do more to lower my a1c. and i can do it with what's already within me. because my body can still make its own insulin. and once-weekly trulicity activates my body to release it. trulicity is not insulin. it comes in a once-weekly, truly easy-to-use pen. it works 24/7, and you don't have to see or handle a needle. trulicity is a once-weekly injectable medicine to improve blood sugar in adults with type 2 diabetes when used with diet and exercise. it should not be the first medicine to treat diabetes or for people with type 1 diabetes or diabetic ketoacidosis. do not take trulicity if you have a personal or family history of medullary thyroid cancer,
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30,000 by the end of this year? it turns the out mr. laffer, is a little shy when it comes to predictions and here's why. roll tape. >> look it, i'm on the stuart varney show and i have been watching you for years and years and i can't help but look at what you have done, how you can pressure endly see into the murky future of the stock market. stuart: me? >> how you called it right for so, so long and you want me to embarass myself by being the king with no clothes, coming on your show, making absolute fool of myself. i will rely on you, stuart. i believe you're right. i believe we have a huge stock market ahead for years to come. telling you what happened to the stock market is like telling ben carson how to do brain surgery. i'm not going to step into that trap. ♪ how about some of the lowest options fees?
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stuart: count them. it is now nine dow stocks that have hit all-time highs as of today. i'm going through them. walmart, microsoft, jpmorgan chase, travelers, unitedhealth. united technologies, dow dupont, and goldman sachs and, now, home depot. nine stocks, dow stocks, all-time highs. don't forget gold. the treasury secretary said a weak dollar is good for the u.s. the dollar is down and gold is up. you need dollars to buy gold. we're up 21 bucks on gold at 1358 per ounce. now this, listen to this question that a reporter asked gary cohn about the bonuses that
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hundreds of companies have already given to their employees as a result of the tax cut. roll it. >> we just had a litany of businesses that are going to give back to the american people but doesn't, isn't it unfair to give the president credit for that? they already had that money in their coffers, right? what we're saying -- they would have not turned lights otherwise? stuart: say that the reporter was rather skeptical about giving any credit to president trump for the give backs that corporations are now giving back. ed fuelner, with us, heritage foundation founder. i think gary cohn answered the question very well. he simply said, i totally disagree, but to me, it was an example of the media would never, ever, piv -- give any credit possible to anything that president trump does. >> absolutely, stuart, and that reporter must be having too many
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swish meals with nancy, marie antoinette pelosi, they are giving out crumbs. jamie dimon with big policy differences with donald trump, 20,000 net new jobs, 400 branches opening. he is no friend with donald trump but he sees what is happening with the economy. he wants to make his company better. that is what the whole tax cut is about. that is what we're talking about. stuart: i think american business was put on trial almost by these tax cuts because business got almost everything it wanted. now the question is, what will it do for us. you got what you wanted, what are you doing for us. i think we're passing the test. what say you? >> not only passing the test. this is not just trickle down. this is building up this is creating new jobs, new opportunities, new factories. the whole economy is just looking so much better because of what everybody coming together last month did in terms
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of giving us the whole new tax policy i'm really, very, very bullish. like you and art laffer. i think we'll see all-time highs in the months ahead. stuart: wait a second. you were watching our interview with art laffer, when we were speculating about 30,000 on the dow by the end of the year. we were sort of joking. you think we were serious? you think we'll hit 30,000 on the dow? >> stuart, when i was on in november and talked about us hitting 25 by the end of the year then all of a sudden, a week later we're at 26, wow, i think 30,000 is very possible. you look at all the fundamentals, they're still looking very, very good for the whole economy. we've got great opportunities ahead, all across the board. and, the quarterly results coming in, year-end results coming in are proving that we'll outpace the world so dramatically, davos is going to be shuddering in its mountains. stuart: okay. i love the sound of this. now senator schumer, he is backtracking on the border wall.
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roll tape and let's see what he has got to say. >> we're going to have to start, start on a new basis and the wall offer is off the table. stuart: no wall. here is the response from president trump, crying chuck schumer fully understands especially after the humiliating defeat if there is no wall there is no daca. we must have safety and security together with a strong military for our great people. you know, i think the president's playing hardball here on immigration. you're going to build that wall no matter what is what he is saying, isn't he? >> he is. he also is saying we have to do something about the chain migration problem. about undocumenteds generally. there is so many different pieces to that, and stuart, one of the most heartening thing to me was joe manchin and heidi heitkamp, some of the other senators are finally getting the message the better get on the
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trump train because they are up for re-election. they better come with a commonsensical coalition to make sure sensible things are happening in washington. stuart: president goes to davos friday night and he is speaking. what do you think the reception will be for the president over there? >> i was one token conservatives who used to go over to davos. would i go with bob bartley with the "wall street journal," bill bennett, secretary of education, they would parade us out and show us off how broad-minded davos is. look, this is not a trump audience but trump going over there and talking straight to them about what's really going on in the united states, how the united states is the world leader, not only in the security side but particularly on the economic side, i think it is going to be a home run, a grand slam one. really. stuart: just love it. i hope he speaks on friday during our show time because i want to see it live.
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ed fuelner, we'll see you again very soon, sir. thank you very much indeed. >> thank you, stuart. stuart: by the way speaking of senator schumer we unearthed what might be called a gem from internet. we have on tape for senator schumer calling for end to chain migration. he calls for a merit-based immigration system. yes, we will play it for you in our next hour. chen. so that means no breakfast? voya. helping you to and through retirement. on thousands of hotels, cars and things to do. like the fairmont mayakoba for 59% off. everything you need to go. expedia.
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stuart: wait a minute, that's in the weeds. they're going to get killed. killed. no, wait a minute. come on. look, steve, come on, i'm not talking about -- i'm not talking about your state income tax return. >> the restaurant in the bergin mall on sunday night. stuart: steve, come on -- >> sunday night i was -- >> i don't care. i don't care. stop it, steve. stop it, because i'm going to lose a fortune. >> by the way -- stuart: i'm done. i'm out of time, i'm out of time. i'm very sorry, i'm out of time. got it. you know, i think i was wrong there, i do. that was part of my argument with new jersey congressional candidate steve lonegan. this is what we got across the transom. john, why are you so rude to steve lonegan. you need to let him come back on
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and explain his point. we always enjoyed the show but the conduct made me cringe. karen, stop yelling that man, varney, you treated that man like dirt. i think you have a element of truth there, in my defense, ash, liz -- ashley: yes. stuart: i do live in new jersey and i was making the point that 1% people will suffer from the tax deal, from president trump. ashley: i couldn't understand his argument because clearly you're going to lose. when he was adamant, no you will be fine. your investments will gain ground. the economy will be growing, will offset the losses of state and local taxes and caps on property taxes. i don't agree with him but you were harsh. stuart: i was. i apologize for it. i think we should bring the man back and we should have it out properly without me cutting him off. liz: is so pro-trump tax cut it would create growth? >> he was saying for new jersey, and for the country in fact the trump tax cuts will make
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everybody better off, especially the middle class. and those people who make good money, they will be better off because their investments in the stock market will do very well. liz: to that point, let me take that on. new jersey from the last decade, this is from new jersey's own economic office, nearly $33 billion has left the state of new jersey because of that upper bracket, the people there in those brackets have left the state of new jersey because of what the state is doing to its residents. so -- stuart: thank you, emac. i feel a little better about the harshness right now. but we'll have the man back. we'll sort it out. we'll do the right thing. that is a promise. president trump heads to davos tonight. when he is there, he will make what i call his most important economic speech to date. my take, my editorial on that minutes away. ♪ whoooo.
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stuart: donald trump is about to give what i think is the most important economic speech of his presidency so far. friday in dollars he will spell out his policy. america first, america is open for business, speaking directly to an audience that opposes everything he stands for. doorposts is headquarters for the climate warriors, open borders, the cradle-to-grave welfare, the global elites who esther trump will be speaking to come drone on about the horrors of income any quality and they think our president is a racist, unfit for the job and mentally unstable. they don't like him. they should listen to the man. the economic policies that our
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president has put in place are working. deregulation, we are going to be able to do things again like build bridges, roads and airports without taking decades to do it. economic growth, trump's policies have reversed a decade of weakness and given us the lowest jobless rate in 17 years and the lowest jobless rate for african-americans in generations. trump is moving us towards energy dominance which we are going to help the europeans to get out from under russia's energy from. he is ruffling feathers with his trade policies and steve mnuchin has broken the unwritten rule that you don't talk down the value of the us dollar. confrontation, here it comes. he will speak at 8:00 a.m. is that right? eastern time on friday. we are ready to react to it after he speaks. it will be the president's most important economic speech in his young presidency. the third hour of "varney and company" is about to begin.
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stuart: let's take you $2, that young man, blake berman just arrived in the swiss alps, he hasn't years old yet but is about to, how will the president be received? >> reporter: interesting question. this is somewhat the president's crowd, the business community, the wealthy, influential, the elite. on the other hand when you talk about world leaders it is a gathering of world leaders with a more should use a globalist view than this president does whose global view is simply two words, america first. you have the juxtaposition as relates to the president, his message, how he might be received. when he gets to the office - a --davos he will have four different bilateral meetings
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and what will be with one of his closest allies, benjamin and yahoo along with teresa may and leaders everyone to and the host country here, switzerland. there is a huge footprint from this administration by the time you add up the cabinet members, half-dozen total along with other administration officials, more than 15 or so. they have been planning putting a big footprint here in doorpodoorpoavdavos, the biggest of them all when he arrives. >> we will see you again shortly. i want to bring in mercedes shellac, strategic communications, it is going to be a confrontation, donald trump versus the globalist, how about you? >> as cold as washington as it
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is in switzerland's. for donald trump, this is his moment. and and and to share his economic, to the world leaders, show the world leaders how it's done, and encouraging them to invest in the united states. and -- >> this is going to be the most important economic speech of this presidency so far. what do you say? >> this will be one of his most important speeches on what the united states has been doing under his presidency, it is
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clear that when the president is creating jobs in the united states, with the tax-cut law and corporate tax rate in the united states is incredibly beneficial, saying look at us in the united states investing in our talent and workers, a positive economic message, and focus will be talking about nuclear rising the korean peninsula and dealing with north korea as well as dealing with threats in iran and ongoing situation in syria, and talking about dealing with isis, and world leaders while
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he is visiting. and that is politics by doorposts, a big rally on wall street, 164 points, and 9:00, is there any has an extremely winning streak, the longest-running winning streak since 1959. all good things come to an end. when will you come to an end? >> the market is going up 1000 points, 500 points, to say the
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market is -- is that -- >> it is dangerous? >> momentum is a powerful thing. it drives markets, the psychology is in fact, psychology could change, and things like interest rate increases, nobody talks about that, we have a good economy, and people at the fed who will be thinking about the potential it may overheat at some point. >> 26,378, tell our viewers should they start to sell into this big rally? take the money off the table, should they do that? >> they have the begin to gauge the fact that they made money, incurred some debt in the
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process, and pay some of it down, take some profits, not be greedy all the time, keep their stock and not fall to the emotion of believing what most people believe this will ever end and that is not -- ashley: the dollar is getting absolutely killed today, it is 142 against the british pound, cost $1.42 to buy one british pound, it was 120 a couple weeks ago so the dollar is very weak. stuart: the stock market. our exports get cheaper and for foreigners our stocks get cheaper. you got to tell me about ge, and a few years ago talking about the demise of general electric, down to $16 and $0.59. >> the person with blood on their hands is the prior ceo jeff immelt who made decisions
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on behalf of ge, they fight battles on multiple fronts, and strategic mistakes. >> the sec investigations, and not booking revenue correctly, can trust their numbers. not saying that is happening but if it is proven true, another leg down on ge. i wouldn't touch it. >> more companies issuing bonuses and higher wages and better working conditions, disney, jpmorgan, verizon, surely you welcome us. >> i love the names on this list like starbucks, the big enemies, people who opposed trump are giving these bonuses proving what has been said on the show, 2 million americans
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benefiting from a tax cut, we have not seen this in decades. stuart: walt disney, verizon, jpmorgan, do you own any of that? your hands are clean. thank you for joining us. we have dug deep into the internet. we found the clip of senator schumer in the 1990s, called for an end to chain migration and merit-based immigration system. new york's governor andrew cuomo says the state will provide medicaid coverage for dreamers no matter what happens in dc, and the president is getting ready for his trip to doorposts --davos. the third hour of "varney and company" is just getting started. ♪ building a website in under an hour is easy with gocentral...
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stuart: watch out. there are more banks getting rid of free checking. bank of america announced they are doing is that. account holders will be charged $12 a month unless they maintain a certain minimum balance. 45,000 people signed a petition on change.org protesting that decision. new york city filed a $500 million lawsuit against major drug companies over the opioid epidemic. the mayor of new york accuses them of oversupplying the market and misrepresenting the safety of those drugs. betsy mccoy, former lieutenant governor of the great state of new york. china sold the opioid crisis with law courts? >> this is a pr stunt, several other mayors have done it, chicago, indianapolis, cincinnati and bill diblasio
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likes to do this sort of thing, suing oil companies over global warming but this kind of litigation doesn't have much of a shot because to prove negligence you have to show recklessness. selling fda approved drugs, manufacturing fda approved drugs is reckless. only 13% of patients treated in the emergence room for overdoses ever perceived for claim. and prescribing these drugs and the opioid epidemic is very tenuous. some distributors, different from manufacturers had to pay settlements to the federal government for failing to prudently identify very large and suspicious orders for these drugs and that may happen again. stuart: the drug companies
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themselves will not be on the hook. stuart: andrew cuomo, governor of new york state says new york is going to continue to provide medicaid coverage for dreamers no matter what happens in dc and says the state will never share information about the dreamers with the fed's. what is going on? >> taxpayers getting slammed, and the number one biggest item, medicaid. andrew cuomo doesn't care. he will play hero with taxpayers money, schumer learned the other day americans care more about their welfare and the nation's welfare than the daca issue. stuart: new york has a huge problem, no longer a deduction for state and local taxes, they are going to get creamed from this. >> upstate in new york people
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are losing their homes because even county taxes pay for medicaid and county property taxes are so huge because of the medicaid bill. they surrendered to the tax collector. new numbers show the big tech companies, and had net neutrality and immigration. and powell was confirmed in a landslide vote replacing janet yellen and the teamsters union in contract talks with ups, one of the unions top demands, and more on that coming up. many mouse finally getting a star on the hollywood walk of fame, popstar katy perry helped honor many this week's event. we should point out mickey
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stuart: take a look at this. the dow is still up but nowhere near where it was. we are up 95, we were up 165. i'm looking for reasons, commerce secretary wilbur ross is in davos already, he took china to task for its trade policies but he did say we are not trying to start a trade war. is that what took us down 60 points? we always look for the reason. ashley: existing home sales were off. could be a number of different factors here, the dollar, bond yields going up, all in the pot. stuart: microsoft is only up $.84. shocking. all these smart people nobody
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knows why the market is coming up 100. it is your fault. look at this. that is an item. it is going to take it out. it is gone. that is a town in massachusetts, icy roads, schoolbus hit the car, right there and there you go. that is what you get, when everybody is going to get it. amazon's new cashless store big hit, people waiting in long lines to get in, amazon go in seattle on its first day, the line wrapped all around the store several blocks long, the bigger appeal of amazon go is you don't have to stand in line. only to get him. to get out it is free. nine dow stocks it all-time highs, a couple came off of those highs but they are walmart, microsoft, jpmorgan travelers, home depot, united
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technologies, dow dupont, goldman sachs, home depot, all of them hit all-time record highs today. the banks are bright spot today as well. maybe because interest rates will go higher, the yield on the 10 year treasury 2.65%. morgan, morgan stanley, goldman sachs, citigroup, wells fargo doing well today. we are teasing you with this, the clip we found a senator schumer, don't think he was a senator back then, maybe a congressman, he called an end to chain migration and a merit-based immigration system. you will finally hear this but not just yet, after the commercial break. the pentagon says a deadly airstrike killed more than 100 isis fighters during the government shutdown. our military continued to fight despite the politics in the shutdown in washington. treasury secretary steve mnuchin in davos set a weaker dollar is good for the us economy and trade.
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that sent the dollar sliding. a lot more varney just ahead. ♪ ♪ what do you care ♪ so unfair ♪ it is over ♪ holy grail ♪ you get the air around my nose whoooo.
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stuart: we were up 160, now we are up 95, we are still at 26,300. now this. we did find the video of senator schumer talking about immigration, this is from the 1990s. when you listen to this he sounds a little bit like donald trump sounds now. roll tape. >> we are saying it should not simply be family relationships that determine who comes here. this bill says that if you have a skill that america needs, we are going to accept you. stuart: well well well. that was congressman schumer at the time in the 1990s. sounds like she did he is against chain migration and for a merit-based immigration system. that is the judge chiming in. let's go to our guest, ohio
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congressman, that is quite a turnaround for mister schumer, is it not? what do you make of it? >> it sure is but also in 2005 or 6 he voted for the wall. schumer it seems to change his position all the time, he talks about immigration in 1995. that is the problem and to shut down last week, the schumer shutdown, he turned that around pretty quick as well too. stuart: senator schumer says in the last 36 hours, no wall is rescinded the offer to build the wall and donald trump in response says no wall, no daca. both sides digging in their heels and looks like donald trump is playing hardball here. in other words, no real progress. we could be back where we started from within a few days. >> one of the reasons i hate to see hours.
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i try not to vote for him, we should be getting a job done in washington, passing a budget, passing appropriation bills, we wouldn't have these shutdowns. what a horrible thing for schumer to say i am pulling the wall back. this is something he voted for in 2005 or 6, something we need to get immigration moving in the right direction and something he already negotiated but it shows what a poor negotiator senator schumer is, you don't start pulling things back. stuart: if he goes forward with this and again shut down the government on behalf of illegals he has a problem all over again especially with moderate senate democrats up in november. >> the american people want to see immigration done, he should be talking to people back home like i am this week, in ohio talking to people saying why would we ever be negotiating
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over illegal immigration, keeping the government open? this is a budget issue, let's keep the government open, get our funding in place and get this policy in place too which needs to be done, immigration. stuart: i saw a harvard paul, it was part of the polling system which says 68% of people do not like the lottery system and immigration so it could be senator schumer lost the country, lost the vote on this immigration reform. >> absolutely. we have all kinds of polls that show they don't like the immigration system as it is today, needs >>, don't like the lottery system which i don't either, chain migration is another issue. we have to protect our system, our immigration system and simplify as well. i'm a big believer the process needs to be looked at as well. stuart: voters in ohio, build the wall, end chain migration, end the lottery and dreamers
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could stay. your comfortable with voters in ohio. >> i said that all along, when it comes to dreamers they don't get a clear path, we have to make sure, look at what they've done, served in the military, there's a bunch of things we can add in but at the same time we got to protect our immigration process. stuart: always a pleasure, appreciate it. earlier this hour we talked about governor cuomo's promised to give medicaid coverage no matter what happens in washington. judge and napolitano is with us on that. can he do that? judge napolitano: he can do it under the law assuming new york state law would permit it and new york state law gives the government discretion to do that as does the law of almost all states. stuart: it seems new york is joining california in taking an extreme view of protecting
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dreamers, governor cuomo won't share any information with the fed. judge napolitano: that is the sanctuary city or thing to worry state which will stop soon once the federal dollars flow with strings attached, you want the cash to cooperate. stuart: that will stop soon. judge napolitano: congress has yet to an act that but next time congress and act grants of cash to states and cities they are for sure to have those strings attached. at the present time the money the states and cities are spending even though donald trump has been in the white house for a year now is from an obama era budget which did not have those strings. stuart: would that passive it is a vote in congress to say you don't get any money unless you play ball with us? judge napolitano: of congress is put controlled by the republicans in the pastor would be upheld by courts in my view it would be upheld by courts, the courts have ruled that congress can attach almost any strings it wants to the receipt of cash.
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stuart: you said many times that is how you stop the sanctuary city stuff and sanctuary state stuff. judge napolitano: without violence or arresting people because the cities and states are bankrupt, they will do almost anything for federal cash which is printed, created out of thin air. stuart: this one for you, florida voters will decide this fall weather 11/2 million felons get the right to vote. judge napolitano: in half the states you get out of jail and get the vote. once you are convicted you can't vote, in vermont and maine you vote while you are incarcerated, no loss of the right to vote no matter -- don't have a death penalty but on death row on election day you could vote. stuart: i thought was in the
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constitution but apparently not. stuart: entirely up to the state. judge napolitano: there is a 5 year waiting period or 7 your waiting period after you get out of jail. stuart: you approve? judge napolitano: yes. it helps rehabilitate people who have been incarcerated back into society but it is up to individual states. stuart: a laboratory 50 different states. judge napolitano: very correct, famous case in great britain, an expert was denied the right to vote, let them vote. unbelievable. >> that is why we had brexit, european dictating our laws. judge napolitano: i can't imagine it is being enforced now in great britain. aren't you still in. stuart: steve mnuchin happy about the weaker dollar
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speaking in davos, the dollar's decline, benefit to the us economy especially trade. the dollar is at its lowest level in three years. check the price of gold, that gets a boost when the dollar goes down. it becomes cheaper to buy it in dollars when the dollar goes down and up $19 an ounce at the moment, $13.56. big tech names, check them all the time. facebook, amazon, netflix, alphabet and microsoft, look at them go, they were all up, now they are all down except that netflix and microsoft, still up $.47. better revenue, one of the dow component, united technologies gave a higher profit forecast, shares at a record high earlier. don't forget oil, a fresh, 3-year high after the 10th straight decline in how much oil we have in our supply
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system, $65 a barrel a little earlier today. check those markets again, we are at the low of the day, up 42 points, 120 points, s&p down, nasdaq down. anyone who gets a drivers license will be automatically registered to vote. that would include illegals. the military carried out an air strike in syria kills 150 isis fighters, joining the government shutdown. their pay was delayed. we have a former military guy, he has a lot to say about that.
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nicole: i'm nicole pedallides with your foxbusiness brief taking a look at snap chat because there is something new on the way, stock to the upside by $.14 but starting today you will be able to take videos and other content you encounter on snapchat and get it outside the walls of snap chapter facebook,
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email and text messaging. daily active users are 178 million in the third quarter in 2017 but that has been declining with the backdrop of investor pressure to grow the user. this may be one of the ways to get the snapchat idea out and you will be able to put out the things you see, content on snapchat from verified accounts to kim kardashian, video montagees and others and brings awareness of snapchat. that is the idea.
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stuart: a judge in california is going to rule soon on whether coffee should have a cancer warning. this would only apply to california thank goodness was the judge will decide of coffee should be added to a 30-year-old state law that warns californians of hazardous products. the warning labels are already on dozens of products including kitty litter, ceramic plates, firewood and black licorice. also in california, anyone with a drivers license will automatically be registered to vote. that include illegal immigrants. larry elder, i can't believe this. if you're illegal in california you get a drivers license, as soon as you get a drivers license you are registered to vote. you are not supposed to vote but registered to vote.
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the california leaving the union, that is my opinion. >> you have not described the process accurately as far as the secretary of state was saying. it is true illegal aliens can get a drivers license but it is a special drivers license and on a drivers license it says federal rules apply. you are not supposed to vote if you are an illegal alien and the slots that give illegal aliens the power to do that. the concern is where are the safeguards? how do you check it? that is the problem. the theory is this whole bill is designed to encourage the 5 million or so citizens who don't vote. your too lazy to register to vote, somebody registered you automatically and all of a sudden you have the energy to get up on a tuesday and go vote? this is designed in my opinion to make it easier for illegal aliens to illegally vote because there is no safeguard, you walk into your voting precinct, you are not required to show proof of id,
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citizenship or anything. the idea in my opinion is to make it easier for illegal aliens to vote but in theory the secretary of state said there are safeguards to prevent that same thing from happening. stuart: there is no accountability, no way you can check. if you can walk into a polling station in california and you can come you just walk in and say on x why z you vote, you walk away. this is going to lock in 55 electoral college votes for the democrats in the next presidential election, it will lock in california as a guaranteed democrat stronghold, case closed. >> in theory if you vote your breaking the law and if you claim you are a citizen you are violating the law and committing perjury, there are no safeguards for that, that is a concern and an important provision in this, if somehow you end up on the voting rolls there is no penalty.
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you can go ahead and lie and if you get busted nothing will happen to you. and a warning label on coffee. and they find that incredible, how about you? >> two more majorities, they keep saying in dc republicans control both chambers, and break a filibuster in california, they are in control and you get stupid laws like this. it is against fraud and should be there to force people to reveal certain things lest consumers want them. this is nanny state but welcome to california. stuart: california is one country, the rest is in the country. it really seems like these days, last word to you.
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>> i have a two step solution to keep illegal aliens. stuart: good luck with that. you are all right. how about this one. the big that is accused of reselling used makeup, one woman who used to work there, managers package used items so they can be sold again, the items include haircare, skincare product, makeup, perfume, released a statement saying it is investigating the woman's claims that are used products should be thrown away. taking stock down to a half%. the deadly airstrike killed more than 100 isis fighters during america's government shutdown. we are going to deal with that
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in a moment and the teamsters union in talks with ups don't want drones or self driving delivery trucks, that from the contract negotiating table. more varney after this. when it comes to medicare,
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stuart: the pentagon says it carried out an airstrike in syria and carried out that airstrike while our government was shutdown. 150 isis fighters were killed during the government shutdown. who better to address this subject and the author of the great book or drone warrior, the author thereof joins us right now. our government is shut down, military pay is delayed, not very long but would have been delayed a long time and we are knocking off 150 isis fighters. what about a guy like you who of student the refuse to operate drones, what do you think? >> that one was for free. imagine what they could have done if the government wasn't shutdown. at the same time military members have issues when it comes to not receiving their
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pay. i was part of a less government shutdown and it was difficult, even if it was only a few days, for that to happen. this is a crushing blow to isis. they are down but not out. 90% of the territory in syria has been taken back. the remaining 2% is the area where this airstrike took place and killed these fighters in the same area where isis's leader is allegedly hold up. stuart: and still alive we understand, not dead yet. this was a strike carried out by jets as opposed to drones. >> drones have a role in that. likely do the surveillance even though the finished portion of it when jeff come in, the initial surveillance done by drones, they are working in unison and there is a layered approach so jets, drones, a lot of times working in concert. stuart: did you ever operate a fleet of drones? i hear stories about you could have a swarm of drones going after something like a bunch of bees or something. >> not sure you heard about the
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russian base that was attacked by a swarm of drones, 13 drones that flew over the base and dropped munitions. drones warming is something that is becoming a thing but typically the way it works is you have multiple drones stacked on top of each other in the airspace looking at different angles of a particular target so there are is a lot of impressive technology to help do their job. stuart: speaking of drones, ups is in contract talks with their teamster drivers. the drivers don't want any drones used by ups. what do you say to that? >> sound like like of understanding of how drone technology works. drones are not about taking jobs from people, they are about enabling private-sector employees to do their jobs even better and in this case they need to understand the technology is about the data and it is going to help people more. they should look at it as a job creator enabling them to do
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their jobs better. stuart: wait a second. of my package is delivered by a drone it is not delivered by a truck driver but -- >> someone has to be behind that technology. it is not terminator skynet where drones are thinking for themselves. we are a long way from drone technology like that. stuart: are we really? >> i think we are. just like drones military there is somebody behind that, there's a pilot behind that watching that. it is not completely automated. we are so far from seeing drones autonomously flying by themselves to delivering packages but the truth is there is a trend right now in drone logistics delivery. we see that take place with medical supplies, a us company delivering blood, in switzerland, another company delivering medical supplies so we will see more companies investing in this technology but at the same time employees should understand it is about making their jobs more efficient, not taking this
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away. stuart: let me ask you this. could you bring -- you operate a drone company, you build -- could you bring one of your drones into the studio, not a huge studio by any means. we are not allowed to fly drones inside the studio but if we were allowed to fly drones inside the studio. >> i flew one for fox and friends and it was safe so i think i could fly when in here living you guys something, a cup of coffee if you guys are okay with it, absolutely. stuart: we have to do with management first but theoretically, you could do that, a drone in the corner takes off, flies over here and dropped a cup of coffee next to me. >> that is easy to do now. it is all about the payload on a drone, what it can hold, what it can handle and a lot of folks are nervous about safety of drone tech at this time but we do this all the time in locations where we are delivering everything from
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cocktail drinks to potato chips. stuart: i went -- i will not be satisfied until you bring in a swarm of drones. >> challenge accepted. stuart: you are all right, thank you for joining us. there will be more varney after this. ♪ achoo! (snap) achoo! (snap) achoo! achoo! (snap) (snap) achoo! achoo! feel a cold coming on? zicam cold remedy nasal swabs shorten colds with a snap, and reduce symptom severity by 45%. shorten your cold with a snap, with zicam. . . . .
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neil: we're up. stuart: we're up 72 points. we were up 62 points. we're trying to explain a trade war problem? ashley: possibly weak dollar. bond yields up. liz: apple and ge weighing on the dow. yes, weighing on the dow. stuart: 30 seconds before neil. >> we need a cocktail. that is what we need. stuart: we're often called upon to explain why the dow was up 160 and now it is up 7.
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it. liz: maybe neil can do it. stuart: five, four, three, give the reason, neil. why are we down? neil: there is no reason. we follow this tick for tick and try to assign some divine development. sometimes it is what it is. stuart: you got it. thank you, neil. neil: but the falling dollar, no doubt greased the skids. like i know. like i know. all right, everybody, welcome, you're watching "coast to coast." i'm neil cavuto. to stuart's point oil out of three-year low in and out of highs. people concerned when it comes to the dollar, be careful what you wish for. it could go too far. treasury secretary steve mnuchin has been saying this is not that damaging. it could help u.s. multinationals. he is right of course when

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